Frankly I was happy with the previous system, if u were careless u got charged excessively, if you knew how to complain u usually got it back, otherwise the masses did nothing and subcidised those who arn't part of the debt ridden and ditzy culture with regard to their finances, selfish I know but how I see it.

Frankly I was happy with the previous system, if u were careless u got charged excessively, if you knew how to complain u usually got it back, otherwise the masses did nothing and subcidised those who arn't part of the debt ridden and ditzy culture with regard to their finances, selfish I know but how I see it.

I agree whole heartedly, but this is punishing those who have a less than £1500 average in their account, for some thats a monthly salary before their outgoings, so what chance do they have of having that as an average unless they purchase other products like insurance etc.

So they are charging a fee. So what? FD is a business and not charity organization - they can do whatever they want as long as it is legal.
Basically (as I see it) they want to start selecting customers - to get more of those with high income and get rid those with low income. I don't think they can do it buy clearly stating this, so they decided to make it 'self-selection' process.

BTW, this fee does not apply in following cases:
1. If £1,500 paid into account each month
2. If there is more than £1,500 on this current account
3. If customer got mortgage, credit card, personal loan, savings account, firstdirectory, car insurance or home insurance with FD.

So, those with nothing from the list above should start looking for another bank. Or to avoid hassle, open savings account, put 100 quid to it and forget about charges.

I agree whole heartedly, but this is punishing those who have a less than £1500 average in their account, for some thats a monthly salary before their outgoings, so what chance do they have of having that as an average unless they purchase other products like insurance etc.

This is not, strictly speaking, true. The £1500 average is not a requirement. You may have it there if you wish, but if your monthly salary (after tax) is £1500 or above then once it is went into account, you can withdraw it completely.

This is due to all those who jumped on the bandwagon and reclaimed their fee's which were 'unlawful'. The fee's in which were charged if you didnt manage your money correctly.

I know I will recieve bad rep for this, but the ones over on MSE complaining and saying 'stand your ground, who can we complain to' etc etc are the ones who were all jumping on the bandwagon clawing money back using a loophole.

Coincidence perhaps? Thanks to those people who couldn't look after themselves, we all get charged!

This is due to all those who jumped on the bandwagon and reclaimed their fee's which were 'unlawful'. The fee's in which were charged if you didnt manage your money correctly.

I know I will recieve bad rep for this, but the ones over on MSE complaining and saying 'stand your ground, who can we complain to' etc etc are the ones who were all jumping on the bandwagon clawing money back using a loophole.

Coincidence perhaps? Thanks to those people who couldn't look after themselves, we all get charged!

Totally agree grdesign!

I've worked really hard to pay off my student overdraft and have done so without incurring any charges however will be hit by the £10 charge anyway! Nice eh?:x

I shall be complaining with my feet and heading to A&L! :p Enough of FD and the HSBC group!

I`m quite happy to recommend the Alliance and Leicester current account to anyone here. If you join and use my referral we both get £50 creditted in both our accounts. They also pay very good interest on your current account balance.

This is due to all those who jumped on the bandwagon and reclaimed their fee's which were 'unlawful'. The fee's in which were charged if you didnt manage your money correctly.

I know I will recieve bad rep for this, but the ones over on MSE complaining and saying 'stand your ground, who can we complain to' etc etc are the ones who were all jumping on the bandwagon clawing money back using a loophole.

Coincidence perhaps? Thanks to those people who couldn't look after themselves, we all get charged!

So people should just pay illegal charges so that they don't somehow upset you?

So people should just pay illegal charges so that they don't somehow upset you?

Whilst I dont agree with the amount banks charge for going over overdrafts, if they didnt charge anything then everyone would go over their overdraft and stay there, and we'd probably have much higher monthly charges for having a bank account.

The system FD are introducing works in America, and it will work here, i dont think it will be long before they all charge for current accounts.

So people should just pay illegal charges so that they don't somehow upset you?

They are not illegal. They are unlawful, which is a word derived from a loophole to make people feel better about screwing the banks on their terms and conditions.

Because of the amount of people claiming back these charges, banks have had to start charging. Funny how banks start charging a couple of years after this first started and has grown bigger and bigger.

I'm in now way against people claming charges back. But my gripe is with the people claming thousands back, which would have taken some serious lack of financial planning to be charged that much.

Not only are that, but then they are charging interest on this going back 6 years. So asking for more.

The charges are unlawful, yes. I have no problem with people reclaiming.

I have a problem with people saying it's the banks fault and whinging like mad over on MSE about how the bank did it to them, the banks fault their wages were a day late etc etc.

I have been charged twice. I didnt want to be charged again so sorted myself out. Why it takes thousands and thousands of pounds of charges for people to sort themselves out I don't know. When I say I sorted myself out, I sold a couple of things I didnt want to sell on ebay to get my head above water, and it worked. I didnt just magically pull money out of thin air as I know I will get the 'oh its ok for you, your ok' thing thrown at me.

But, it's not the people on MSE who have cheered that they have reclaimed thousands that are now stamping their feet again in disgust.

A banks a business. However, if they all start charging I would like to see european type banking, where everythings done in a day, not 3-5 days like we have here. The systems are there to do it, they just hold on to our money.

In essence, banks would NOT have started charging monthly fee's if these people had not started en masse claming charges back, adding interest etc etc. Fee's have now been capped to get around this issue, so were made to pay a monthly nominal amount instead.

Should I go and reclaim my 2 charges back? No. It told me I was getting into trouble and made me get out of it. I'm thankful personally.

Another thing to remember is that although your paying for the privilige, when you get charged, your already using the banks money to pay your bills and direct debits, NOT your own, as you will be in your overdraft.

When does the bank say enough is enough? When your paying your direct debits with the banks money that you haven't agreed to and signed up to? I.e. money thats over your overdraft limit?

The charging is the banks way of stopping you going further. They will happily give you a loan to wipe out your overdraft and get you back to basics again. For the price of the charges, you can pay off that loan without getting more and more charges.

Banks are their to relieve you of your money. They provide services etc just to get hold of your money to use to create a profit for their shareholders and the fat cats on the board of directors.
If they were not regulated they would use any trick to get hold of your dosh.
HSBC are tipping their toes in the water to see the reaction of their customers to charges.
No matter what you do they will be 2 steps ahead. If you take out a credit card they will eventually charge for that !
I stopped having a bank account 30 years ago for the very reasons they are trying on now.
Open a Nationwide account and hope they stay a mutual society.....and keep a hand on your wallet as well !

I think it's wrong to charge for any account that's in credit. They make millions of pounds in profit every year from all their customers, but it's the ones on lower income who will be affected by this charge.

[SIZE=2]As it is now, if you transfer money to another bank by electronic means, it's around three or four days before the payment clears. They earn thousands in interest for every night they hold your money and you have no choice but to wait for your money to move to where you want it. This should be an instant payment method, just as it is when some businesses withdraw money from your account on the same day, or at least the next day when you've made a card payment.[/SIZE]

[SIZE=2]By that example, shouldn't they offer at least 50% of the interest to you, instead of charging to keep your money, just because you don't have £1500 going in every month?[/SIZE]
[SIZE=2][/SIZE]
[SIZE=2]I don't think other banks will follow suit, as they see unhappy customers shifting to them.[/SIZE]

Is direct debit instant? I'd be surprised if it is as for card payments, merchant banking charge at least 2% (usually that good rate only offered to mass corporations like supermarkets and department stores) normally 3% to everyone else.

But rayman is right, banks do profit from our money, but unfortunately I couldn't find the link, 95% of bank profits come from "bank charges" mostly on business accounts where business's get royally screwed over by those charges.

To repeat, a monthly charge is the norm for the vast majority of the western world, if a monthly charge a reasonable one at least, meant better service and better regulation, I might not be so quick to dismiss it.

This will impact the low income users more, but as the options show, it is easy to take your business elsewhere for now with no charge (for now) or easily take out another service to make up for it.

grdesign, i usually agree with most things that you say, we are very close in age but not close in opportunities. I just want to comment on something you said on this post:

"I have been charged twice. I didnt want to be charged again so sorted myself out. Why it takes thousands and thousands of pounds of charges for people to sort themselves out I don't know. When I say I sorted myself out, I sold a couple of things I didnt want to sell on ebay to get my head above water, and it worked. I didnt just magically pull money out of thin air as I know I will get the 'oh its ok for you, your ok' thing thrown at me."

Lots of the people who have been charged are low income families with children who don't have an overdraft in the first place, so when the bank charges you £38.00 for a bounced DD which they didn't pay for you anyway then dont you feel that that amount is UNJUST? Also i couldn't really afford to buy anything that was worth selling on ebay in the first place in order to sort out my financial problems.

I am one of those people. I have struggled to bring up 2 children on a low income. I would like to claim the last 6 years charges back.

I do agree to being charged for them to send me a letter to tell me that my DD has bounced, but i don't think that letter should cost me £38.00.

I don't agree that you should have been neg repped on your comments, as you say this is a discussion and we all have our different take on things. But that as you know is a touchy subject at the moment. I have suffered lots of neg rep lately.

Yer everyones circumstances are different thats a given, and yes it IS easier for me. I have no dependants and loook after myself.

Upmost respect to people like yourself! Joshanna knows that! I'm always trying to figure out how she manages things (not money) but general every day things. Most impressed that she can turn a lightbulb off at the same time as holding a kid!

So, I suppose it was easy for me to get my head above water, so apologise if it came across rude.

All this stems from major arguments over on MSE a while ago!

Mention anything that revolves claiming money back, complaining via a loophole, working while claiming, claiming for accidnets when you tripped over yourself etc etc and I tend to go off on one!

Oh...and council tax, go off on that too!

The good thing that came out of people claiming their fee's back is the fee's have been capped, which is great for all of us!

Have you claimed your charges back? Going right against my own theories, can help you!! :p

Yer everyones circumstances are different thats a given, and yes it IS easier for me. I have no dependants and loook after myself.

Upmost respect to people like yourself! Joshanna knows that! I'm always trying to figure out how she manages things (not money) but general every day things. Most impressed that she can turn a lightbulb off at the same time as holding a kid!

So, I suppose it was easy for me to get my head above water, so apologise if it came across rude.

All this stems from major arguments over on MSE a while ago!

Mention anything that revolves claiming money back, complaining via a loophole, working while claiming, claiming for accidnets when you tripped over yourself etc etc and I tend to go off on one!

Oh...and council tax, go off on that too!

The good thing that came out of people claiming their fee's back is the fee's have been capped, which is great for all of us!

Have you claimed your charges back? Going right against my own theories, can help you!! :p

I do find it quite hard going but as any parent will tell you, you just seem to manage. I have 2 jobs as well!!!!!

I am just in the process of applying for my statements, just to see if it is worth the hassle. I haven't had a bank charge in about a year, but whilst i was married i seemed to get them nearly every month.

Going to just see if its worth it first.

You didn't come accross as being rude, we all have our own opinions on things. Thats what makes us us i suppose.:p

New charges will only apply to ‘poor, stupid people’ says bank
First Debit Bank today defended its new costs for current account customers explaining that the monthly £10 charge will only apply to people who are already completely skint and have wasted their money on ‘stupid rubbish’.

‘Most customers will continue to enjoy all the benefits of free banking…’ said Chief Executive Mike Collins, ‘But if you are poor and your bank statement shows that you have been spending what little cash you have on unnecessarily large plasma TV screens, large gold rings from the Argos catalogue and crisps and fizzy drinks from Lidl, then the new bank charges will apply.’